Business

Donald Trump has announced 100% tariffs on computer chips and semiconductors made outside the US. The move threatens to increase the cost of electronics made outside the US, which covers everything from TVs and video game consoles to kitchen appliances and cars. The announcement came as Apple chief executive Tim Cook said his company would…

The London-listed parent of Primark was on Wednesday applying the finishing touches to a landmark transaction that will unite the Hovis and Kingsmill bread brands under common ownership. Sky News understands that a deal for Associated British Foods (ABF) to acquire Hovis from private equity firm Endless is likely to be announced by the end…

More than 200,000 people are missing out on a benefit that could provide them with extra cash in their retirement, new data obtained by the Money team shows.  At least 214,000 people are not claiming child benefit and the free national insurance credits that come with it, despite being eligible, according to HMRC data released…

The jewellery retailer Claire’s is struggling to find a buyer for its British high street operations, stoking fears over thousands more retail jobs. Sky News has learnt that advisers to Claire’s Inc, which filed for Chapter 11 bankruptcy protection in the US on Wednesday, are not expected to land a solvent bid for its UK…

Rachel Reeves will need to find more than £40bn of tax rises or spending cuts in the autumn budget to meet her fiscal rules, a leading research institute has warned. The National Institute of Economic and Social Research (NIESR) said the government would miss its rule, which stipulates that day to day spending should be…

The chief executive of Ofwat is to step down within months as Britain’s embattled water regulator prepares to be abolished by ministers. Sky News has learnt that David Black is preparing to leave Ofwat following discussions with its board, led by chairman Iain Coucher. The timing of Mr Black’s exit was unclear on Tuesday afternoon,…

Every week, we answer your financial problems or consumer disputes – you can email moneyblog@sky.uk with yours. Our latest problem, available to newsletter subscribers first, is from cjenk, who asks… My partner bought a nearly new car from a garage three months ago, it has since become undrivable with both the garage and the finance…

British Land, the FTSE 250 commercial property company, has hired lawyers to scrutinise rescue deals for the high street retailers Poundland and River Island. Sky News has learnt that Hogan Lovells, the City law firm, has been instructed by British Land to seek further information on restructuring plans that the two chains say are necessary…

BP has signalled an accelerated effort to bring down costs ahead, refusing to rule out further job losses as artificial intelligence (AI) technology helps drive efficiencies. The company, which revealed in January that it was to axe almost 8,000 workers and contractors globally as part of a cost-cutting plan, said alongside its second quarter results…

The City watchdog has provisionally banned former star fund manager Neil Woodford and fined him and his former fund company almost £46m. The Financial Conduct Authority (FCA) said it planned to prevent Mr Woodford from holding senior manager roles and managing funds. The watchdog also aimed to fine him £5.89m and Woodford Investment Management (WIM)…